Summary: District Of Columbia's Series 2006 Bonds Rating Raised To 'AAA/A-1'; Private Coll/Univ - General Obligation Feb 10
Standard & Poors, February 2010
Abstract
Standard & Poor's Ratings Services raised its rating on District of Columbia's multimodal revenue refunding bonds series 2006, issued for Howard University, to 'AAA/A-1' from 'A+/A-1' based on Standard & Poor's joint criteria (assuming low correlation). Standard & Poor's joint criteria assume the likelihood of default is less when there are two independent entities obligated to make payment of debt service. In this case, Bank of America N.A., through the issuance of their letter of credit, is one entity, and Howard University is the second. Both are severally obligated to make debt service payments. The short-term component of the rating is based solely on the bank, and remains at 'A-1'. Criteria: Methodology And Assumptions: Approach To Evaluating Letter Of Credit-Supported...
Companies mentioned in this report are:
- Howard Univ
- District of Columbia
Action: Upgraded
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
- Howard Univ
- District of Columbia
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